XDC Trade Network Delivers Innovative eBL Trade Finance Transaction
(2 November 2023 - Singapore) XDC Trade Network has announced a revolutionary paper Bills of Lading (BL) conversion to electronic BL (eBL) solution with a supporting capital provision.
In a first ever trade finance transaction of its type in close partnership with ecosystem partners, XDC converted a paper BL to eBL on TradeTrust using DocuTrade. In conjunction with this, XDC provided essential capital provisions to support the transaction. XDC Network aims to redefine the global trade finance Industry by digitalising the entire process.
Pilot participants included TradeFlow Capital Management as shipper, Propine as digital asset custodian and TradeFinex as liqudiity provider. XDC Trade Network provided the marketplace solution for trade finance, DocuTrade by Yodaplus to digitise trade documents and TradeTrust utility by IMDA for MLETR compliant standards.
"By deploying the best of the technologies and using the document standards from ICC DSI, we are able to provide a digital solution for cross-border trade and provide 100% liquidity for these Trades. This pilot transaction was completed in 30 minutes from the creation of documents until the trade funding. We invite all the MLETR-compliant solutions to work with us to address the trade finance gap" commented XDC Trade Network CEO, Sunil Senapati.